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Nitin Spinners Ltd.

BSE: 532698 Sector: Industrials
NSE: NITINSPIN ISIN Code: INE229H01012
BSE 00:00 | 03 Feb 202.40 -7.40
(-3.53%)
OPEN

205.00

HIGH

210.60

LOW

201.10

NSE 00:00 | 03 Feb 202.70 -6.60
(-3.15%)
OPEN

212.40

HIGH

212.40

LOW

201.10

OPEN 205.00
PREVIOUS CLOSE 209.80
VOLUME 18398
52-Week high 345.75
52-Week low 182.10
P/E 5.37
Mkt Cap.(Rs cr) 1,138
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 205.00
CLOSE 209.80
VOLUME 18398
52-Week high 345.75
52-Week low 182.10
P/E 5.37
Mkt Cap.(Rs cr) 1,138
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Nitin Spinners Ltd. (NITINSPIN) - Chairman Speech

Company chairman speech

The fiscal under review was another year of exciting growth for Nitin Spinners Limited.We recorded our highest ever sales and earnings in FY22.

Dear Shareholders

It gives me great pleasure to present to you the annual performance report of theCompany.

The year FY22 was a challenging yet exciting year for us. The macro and themicroeconomic situation continued to be uncertain because of the repeated COVID waves andthe runaway inflation an high energy and commodity costs due to the geopoliticalconflict. It impacted the growth revival of the economy which had started becomingvisible towards the second half of the year under review.

Notwithstanding the uncertainties we saw exciting growth in the fiscal. We recordedour highest ever sales and earnings in FY22. These robust results were due to the newbusiness opportunities we have capitalised on and almost doubled our export businessduring the financial year. This reflects our strong spirit of entrepreneurship andsustainability.

Strengthening our capacities

Amid the pandemic we acted swiftly to stay on track with our business goals andinvested strategically in the most critical areas of our long-term growth.

We introduced new initiatives and measures across functions while systems andprocesses were strengthened manifold to create an enabling environment for the Company topursue growth.

Our organisational capabilities delivered a strong performance.

We have also been successful in almost doubling our international business. While theCOVID outbreak was undoubtedly a catastrophic event we saw in it the opportunity tofast-track our growth process to emerge as a globally recognised player in the textileindustry. We focused on enhancing our research and development (R&D) capabilities insuch a way that it helps us in creating an innovative portfolio of products that fulfilsthe unmet and unarticulated needs of our customers.

Pursuing sustainability

We undertook several targeted measures during the year to help us remain on tracktoward our goal of sustainable long-term growth. The infusion of new technologies andtalent pool across different levels and functions has ushered a new level of dynamism intothe organisation as we gear up to become future-ready across functions systemsprocesses and people.

We are excited by the growth opportunities in our textile industry underpinned by theincreasing demand for e-commerce and more sustainable clothing solutions.

We focused on offering products made from sustainable fibres like organic and BCIcotton or recycled fibres. Our unique product portfolio expertise in understanding thebest material choices and customer- focused innovation capabilities help us delivertextile solutions that are sustainable by design. This helps us to contribute to asustainable ecosystem and allows us to grow our existing customer base as well as servicenew customers.

Road ahead

Our ability to create value is a direct result of the significant efforts andresilience of our people. To capitalise on growing demand and further strengthen ourproduct range we are undergoing capacity expansion at our existing facilities at a costoutlay of ~H955 crore enhancing capacity of all the three segments. The expansion planswill complete in year 2023-24.

I would like to take this opportunity to extend my gratitude and appreciation to allour employees for their dedicated contribution towards building a business entity that issynonymous to trust and reliability.

As I conclude I would like to express my gratitude to all our stakeholders for theirunwavering faith in us We hope to enter the new phase of growth with the same values andfocus on sustainability that has been our foundation for over three decades.

Regards

R. L. Nolkha

Chairman.

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